In the US
generally, there has been a “greater reluctance
on the part of American executives to concede
to demands for accountability from outside
the corporate hierarchy” (Toms and Wright,
2005, 284). The difference in CEO pay between the US and the UK is consistent with the overall
corporate governance structure and the
greater power of the CEO in the US. For example,
Murphy and Conyon (2000) demonstrate
that CEO pay and stock-based incentives in
the US are much higher than in the UK.